Greenspan had developed an instinct for the markets that, together with his language and our cult for him, made him look larger than life. In fact, one could point to several directions he took the fiscal policy that were politically motivated. From his earlier time, recall the decision not to lower rates for Bush 41st. He paid back to the Bushies though, when he offset the .com bubble with the housing bubble.

Bernake will either give us another bubble or will have to manage our paying the price for Greenspan's exuberance.

At a different level, considering the world of the investment professionals, it's obvious why Greenspan is that much better. However, in the face of the laws of economics, Greenspan failed big time. Bernake still has the chance of his professional life ahead of him as the subprime story unfolds.

P.S. Worth remembering is also the fact that a great deal of the economic rationale in communist/totalitarian regimes was to abolish the economic cycle...